Während der letzten Jahre ist die Private-Equity-Industrie, verbunden mit steigenden Fonds- und Transaktionsgrößen, rasant gewachsen. Dies stellt Fondsmanager hinsichtlich der zu erzielenden Rendite vor ganz neue Herausforderungen. Im Rahmen einer breit angelegten empirischen Untersuchung...

Whether fat tails exist in the distribution of venture capital and private equity returns affects how investors view the attractiveness of such investments, especially if means or variances are potentially infinite. Using fund performance data, I propose and test a smooth double Pareto...

Is the formation of investor cliques associated with superior fund performance? Our analysis of more than 2,000 private equity real estate (PERE) funds over three decades reveals outstanding performance among PERE funds dominated by investor cliques. Specifically, cliques with a more extensive...

This paper proposes a theory of the equilibrium liquidity premia of private equity funds and explores its asset-pricing implications. The theory is based on the notion that investors are exposed to the risk of facing surprise liquidity shocks, which upon arrival force them to liquidate their...

We review the literature on the risks and returns of private equity funds, comparing the different datasets used in academic research. Irrespective of the datasets used, average returns seem to be lower than public equity returns and, in any event, less spectacular than often conjectured. Buyout...

We analyze the relationship between contracts and returns in private equity (PE) investments. Contractual control in the form of covenants tends to be employed to identify good deals. Better quality firms are more likely to have covenant-rich contracts, as they are less concerned by the...